Officials from the United Arab Emirates and China met in Abu Dhabi to integrate the two nations’ payment infrastructures. This collaboration between the Central Bank of the UAE (CBUAE) and the People’s Bank of China (PBOC) aims to modernize financial systems.
On November 19, Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, as well as Chairman of the CBUAE Board of Directors, launched the ‘Jisr’ project.
At the event at Qasr Al Watan, the first direct digital payment between the two nations was made, signaling the launch of the Jisr platform. Sheikh Mansour personally carried out the first interbank cross-border payment using Central Bank Digital Currency (CBDC) between the United Arab Emirates and China.
The conference presented the expanded cooperation between the UAE and China, especially in the financial and technological spheres.
The ‘Jisr’ platform involves several Emirati and Chinese commercial banks. Its main benefit is in cost reduction for cross-border transactions while offering real-time settlement capabilities, hence solving common frictions in international banking.
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